Professor Proposes Charitable Alternative To Flexible Spending Use It Or Lose It Rule
Adam Chodorow is a Professor of Law at Arizona State University. I invited him to do a guest post on a topic of his choice. He and I seem to share a taste for...
Rafalca London Olympics Medal Or Not – No Current Tax Savings
I had studied Romney’s 2010 and draft 2011 returns sometime ago. The Rob Rom partnership which owns Rafalca did not register with me. A few days ago, Janet Novack, my esteemed editor, called to interview me for her piece Both Left And Right Got The Taxes On The Romneys’ Olympic Horse Wrong. You can see what I had to say about it in her piece, but as part of the interview, I cluelessly asked her why this was in the news now. She told me it was because of the Olympics? I did remember that the Olympics were going on. I don’t have a television, though, and the only Olympic sport I like is curling, which they don’t do in the Summer Olympics. The tax questions were fascinating though and I did a piece on how to keep straight the various obstacles there are to posting negative numbers on your return – Romney’s Olympic Horse Not Jumping Through The Last Hoop of Deductibility. As Frank Frank notes, though, my research on the actual dressage competition was abysmal.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.